Which ITR for STCG and professional income

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Hi,

I am senior citizen currently working for an NGO post my retirement. I rceived professional services income (IT consultant) for the FY 2024-25 under section 194J and TDS at 10% was deducted and form 16A issued to me. I have rental income from jointly owned property with my wife, some interest income on SB and FD accounts, and small short term capital gains(very small amount under 1K).

I want to know:

1) Which IT I should chose ITR4 or ITR3 as STCG option is not available in ITR4 ?

2) Should I go for new tax regime or old? Last two FY(22-23 and 23-24) I have been filing under new tax regime and filing ITR 4 only since I have been doing this IT consulting since DEC 2021 post my retirement , but this year I have STCG so I am confused if I have to file same ITR4 or ITR 3. 

Please guide me.

Regards

Ramachandran R S

 

 

Replies (8)
Quick Summary
This discussion addresses a senior citizen's query about selecting the correct Income Tax Return (ITR) form. The user has professional income, rental income from a jointly owned property, interest income, and small short-term capital gains (STCG). They are unsure whether to use ITR4 or ITR3, especially since STCG is not directly an option in ITR4, and are also seeking advice on choosing between the new and old tax regimes. The advice given suggests filing ITR4 and declaring the STCG under 'other income', and clarifies the procedure for reporting jointly owned property rental income.

File ITR 4 and declare the gain in other income..

Thank you sir. Will do as advised.

Good luck..                         

Thank you sir. One more query i have. I earn rent from my house property which is a joint ownership with my wife and I file IT return for her also. 

Should I show only 50% of the rent received under rental income on my ITR or full amount? 

If you rental agreement specified both as owner, then divide the rent as per your shares of ownership.

Thanks. Yes I am doing that only @ 50% of share to each of us and will show the other 50% in her return under rental income

That's correct procedure.           

The AO can ask for the source of funds for joint ownership. They always look for clubbing the income . So keep all the supporting evidences and bank statements showing source of funds by you and your wife 

Best wishes 

 

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